Series 63 practice questionmediumDenial and Disclosure
An applicant failed to disclose a disciplinary action from another state securities agency. The Administrator may:
- ADeny or revoke registration for failure to disclose material information.✓ Correct answer
- BApprove registration with restrictions.
- CIgnore the omission if the action happened over 10 years ago.
- DTake no action unless the applicant is criminally prosecuted.
Explanation
Why A — Deny or revoke registration for failure to disclose material information.
Omitting required material information is grounds for denial or revocation under Section 204, regardless of how long ago the incident occurred. Registration may not be approved with restrictions in this case.
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